From the Memo Board: February 2023

Important Dates to Know

February 1 – 1099 Forms and other tax documentation for the 2022 tax year will be available on Secure Cloud.

February 1 – January Financial Reports will be due for Non-Resident Missionaries. This includes FNPO Reports for those with Foreign Non-Profit Organizations.

March 1 – January Financial Reports will be due for US Missionaries. This includes FNPO Reports for those with Foreign Non-Profit Organizations.

March 1 – February Financial Reports will be due for Non-Resident Missionaries. This includes FNPO Reports for those with Foreign Non-Profit Organizations.

April 11-14 – Family Fellowship Week in Asheboro, NC

New Excel Templates for Financial Reports

A new Excel template for the year 2023 will be available on February 15. This will give us time to review the need for any possible updates. January financial reports for US Missionaries will be due on March 1. Should you wish to complete your January report before the new template is available, you are welcome to submit it on the 2022 template. However, starting with the February report please be sure to use the new template.

Financial Status Report

We have uploaded a Financial Status Report to your SecureCloud account showing figures for the fourth quarter of 2022. This is meant to show you the financial details that we have on file, such as your support estimate and the average amount of support you received this past quarter. This is the information we provide to pastors who may call about your ministry. We ask that all missionaries update their support estimate once every four years, or as their lives and ministries change. Please review this information and contact us if you have any questions.

Benefits of Financial Reports for US Citizens

The Monthly Financial Report (MFR) is the tool that US Citizen Missionaries can use to become accountable to WWNTBM for their reimbursable expenses, rather than having all funds listed as personal earnings. Over the course of 2022, 77% of those eligible chose to submit MFRs. By doing so, they were able to reduce their 1099 Personal Earnings by a combined average of 21.77%. If you are not currently utilizing MFRs and would like information about how to begin, please contact our office.

IRS Information For the 2023 Tax Season

The IRS has issued several notices about this year’s tax season. Several changes in particular this year affect the Child Tax Credit (CTC), Earned Income Tax Credit (EITC), and the Child and Dependent Care Credit. It is possible many tax preparers will receive a significantly smaller refund this year, as these credits return to pre-Covid levels. Please click here to view the information from the IRS.

We encourage all missionaries who are subject to US Taxes to contact your tax preparer and begin the filing process as soon as possible.

Preparing and Filing Taxes for US Missionaries

Please note that, while our Office Staff is familiar with many of the IRS regulations that affect missionaries, we are not authorities on the subject. We will attempt to assist our missionaries in any way possible; however, questions which are beyond the scope of your missions status are best directed to a tax professional.

We will provide you with the following information at the end of January. Please watch for emails in coming days with details on how and when this will be distributed. You may wish to submit this to your tax preparer:

• A copy of your 1099
• A year-to-date Summary of the MFR information that you have submitted to the Office. This can be especially helpful if you have completed Categories 17-22, as many of those categories can affect your personal taxes. This will show your Personal Earnings Calculations for the year, as well as Housing Allowance information and details of Estimate Taxes we may have submitted for you during the year. There may also be notices on this document specifically for you and your tax preparer about any situations we are aware that may impact your tax filing.

You should also provide your tax preparer with the following:

• List of the dates that you were in the US vs. out of the country during the year.
• Details of any Housing Expenses, to be used in addition to the Approved Housing Allowance for completing Worksheet 1 of IRS Publication 517.
• Information on any retirement plans that you may have contributed to during the year, or that you have received a distribution from during the year.
• Names and Social Security Numbers of all family members.
• Names and dates of any family births or deaths (children and spouses), as well as whether you were married during the year.
• US Treasury Department regulations require that if you have any foreign bank accounts, and if the sum total of all of your foreign accounts has ever been $10,000 or more at any time during the year, you should fill out a TD-F90-22.1 Form. Further information is available on the IRS website at www.irs.gov.
• You may also need to complete Form 8938, which deals with foreign assets.
• If you participated in the Healthcare Marketplace, you will need to provide your tax preparer with Form 1095-A.

New Logo

We are excited to announce that we have a new logo available for use for your prayer cards and presentations. The digital files in several variations are available on SecureCloud under Files Shared With You in the folder named WW Logo for Prayer Cards and Presentations.

Ongoing Covid Testing and Vaccine Requirements for Travel

Please be aware that every country continues to update Covid protocols for international travel. While restrictions have eased in some locations, others continue to require testing and/or vaccines. Please be sure to remain well informed on current restrictions when planning international travel. The Center for Disease Control website includes the most current information on travel to and from the US. Other countries will typically list information on their Embassy websites.

New Baby

Jillian Rose Town was born January 26. She weighed 8 pounds 13 ounces and was 21 1/2 inches long. Jillian is the daughter of Josh and Joanna Town. She joins older siblings Julianna (11), Jayla (9), Jennifer (6), Joshua (5), Jeremiah (3), and Joy (1). The Towns minister to the Muslim population in the city of Philadelphia.